Socios.com Sues Argentine Football Federation Over Binance Deal

Socios Sues AFA

As Binance announced its partnership with the Argentinian FA in the past week, the news was not met with plaudits by Socios. Socios has filed a complaint against the footballing organization. 

Judge María José Gigy Traynor of the  Argentinian National Commercial Court ordered the AFA to honor three contracts previously agreed with Socios. The contracts in question were acquired and reported on by Coindesk’s Andrés Engler on January 27. In a statement to CoinDesk, the AFA had recognized the injunction but underlined its intention to appeal. 

The AFA then began picking up on its own frustrations claiming:

• The Argentina token was not sufficiently promoted
• Several issues in the use of images of the national team and league
  

Socios has refuted these claims, notifying CoinDesk that they have made all outstanding payments to the AFA and have no obligations for further payment. A likely instigator for the payment squabble may come from the broad market drawback which has also seen the AFA token plummet by over 50% since the summer, according to CoinMarketCap.

Many speculate that what has precipitated the recent partnership between the AFA and Binance is potentially a higher offer that was otherwise not matched by Socios. The AFA has refuted this assumption, but Binance will do well to let this dispute play out while they remain in the background. 

Whether these speculations will be confirmed is another matter, as the courts proceed to examine contractual obligations and seek to determine who is in the wrong. ‍

BSC News will be following closely as the story develops. 

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What is Socios.com

Socios.com is the official crypto wallet and trading platform for some of the biggest sports teams in the world. The site is an innovative fan engagement platform that was created for the Chiliz blockchain. The Socios platform provides the owners of the fan tokens with access to voting rights in polls, VIP rewards, exclusive club, and sponsor promotions, AR-enabled features, chat forums, games, and competitions. Socios.com aims to introduce millions of new fans from around the world to the benefits of Fan Tokens in 2022 with new innovations, features, and rewards to be added throughout the year.

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